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December Home Sales Best in Nearly a Decade for Greater Nashville

NASHVILLE, Tenn. (Jan. 7, 2016) – There were 3,194 closings during the month of December, according to figures provided by the Greater Nashville Association of REALTORS®. This is a 12.5 percent increase from the 2,838 closings reported for the same period in 2014.

Fourth quarter closings are 8,621 for Greater Nashville. That total is a 3.5 percent increase from the 8,327 closings during the fourth quarter of 2014.

Final numbers for 2015 show there were 36,873 homes sold in the region. Compared to the 33,269 closings in 2014, the final closing numbers are up 10.8 percent.

"December proved to be a strong month for home sales in the Nashville area. This marks the strongest December home sales our area has experienced since closing 3,109 units in 2006," said GNAR President Denise Creswell. "The number of pending sales is a good indicator for January. This is also the highest number of pending units, over 2,600, we have seen since 2006."

"It has been nearly a decade since our real estate market has seen this much activity and positive growth," said Creswell. "We ended 2015 with 36,873 units closed. Again, that's the most annual closings we have had since 2006. Staying on a sustainable growth track, coupled with continued good reports on the economy and job market should make this year another successful and favorable one for both current and potential homeowners."

A comparison of sales by category for December is:

December 2014

December 2015

CLOSINGS

2,838

3,194

Residential

2,354

2,541

Condominium

329

466

Multi-Family

30

22

Farm/Land/Lots

125

165

A comparison of sales by category for the fourth quarter is:

4th Quarter 2014

4th Quarter 2015

CLOSINGS

8,327

8,621

Residential

6,924

7,046

Condominium

909

1,042

Multi-Family

77

53

Farm/Land/Lots

417

480

A comparison of sales by category year-to-date is:

YTD 2014

YTD 2015

CLOSINGS

33,269

36,873

Residential

27,402

30,405

Condominium

3,729

4,259

Multi-Family

311

255

Farm/Land/Lots

1,827

1,954

There were 2,678 sales pending at the end of December, compared with 2,458 pending sales at this time last year. The average number of days on the market for a single-family home was 61 days.

The median price for both residential properties and condominiums increased during December. For a single-family home it was $242,945, and for a condominium it was $194,183. This compares with last year’s median residential and condominium prices of $213,500 and $172,999, respectively.

Inventory at the end of December was 10,846, down from 12,093 in December 2014. The current inventory of properties by category, compared to last year, is:

December 2014

December 2015

INVENTORY

12,093

10,846

Residential

7,623

7,059

Condominium

721

633

Multi-Family

116

108

Farm/Land/Lots

3,633

3,046

"Many of the factors necessary for healthy real estate markets are set to continue in 2016, including consumer confidence in both the economy and homeownership,” said Creswell. “For those desiring to get the most out of a purchase or sale this year, now is the time to make that move. Getting ahead of the spring rush gives buyers and sellers a definite inventory advantage. There are many equipped Realtors in Middle Tennessee ready to assist you with your real estate transactions this year."

The Greater Nashville Association of REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.